Social Security is facing a potential financial crisis that could impact millions of Americans who rely on these benefits for their retirement income. According to recent reports, the Social Security trust funds are projected to be depleted by 2034,

Over three million retirees who worked in the public sector, or are entitled to spousal or surviving spousal benefits, will see delays as the SSA manually adjusts benefits as a result of the Social Security Fairness Act.

Millions of retired Americans are set to benefit, but there are concerns the program could run out of funds sooner.

The Social Security Administration is warning that Americans affected by the Social Security Fairness Act may need to be patient.

The program's total costs became higher than its total income in 2021, but its costs have been higher than the trust funds' non-interest income since 2010. This means the program is currently sustaining itself by slowly draining its trust funds. But this won't be possible forever.

Now that Donald Trump is back for a second presidential term, another big political shift will happen simultaneously happen post-inauguration. The Republicans now fully control Congress, which

From Fiscal Year (FY) 2025 to 2035, nominal spending will grow by 53 percent according to the latest Congressional Budget Office (CBO) baseline. About 83 percent of this increase can be explained by only three parts of the federal budget: Social Security, health care, and net interest on the national debt.

With the newest CBO estimate predicting the national debt will hit $52 trillion by 2035, Congress has two feasible options to protect current Social Security benefits without inflicting fiscal harm.

The Social Security Administration says it may run out of money. Options to avoid this include reducing benefits paid to affluent Americans.

The program is staying afloat by draining money from its trust funds, but it can't do that forever. Part of the reason for this is the sheer size of the shortfall. While there isn't much ordinary Americans can do about this,

According to the Congressional Budget Office (CBO), the Social Security Old-Age and Survivors Insurance (OASI) trust fund reserves will be exhausted by the end of fiscal year (FY) 2033, while the combined Social Security trust funds (OASDI) will be insolvent by the end of 2034.

Sterling Wealth Management's Sharon Allen and Daly Andersson answer Jana Wiersema's questions about the impact of the new Social Security Fairness Act.